After Apple’s debut of its new iPhone, Wall Street analysts seemed torn between their enthusiasm for the new device and their disappointment that Apple’s announcement was simply in line with expectations.

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Technology blog Gizmodo had shared details of the iPhone 4 in April after getting its hands on a prototype, and the leak may have stolen Apple’s thunder among analysts and other Apple watchers, who tend to set a high bar for the company. Apple’s shares fell about 2% on Monday. But analysts emphasized that they believe the phone will drive an upgrade cycle for Apple and that potential buyers have been waiting for this phone.

Apple investors “already anticipated a major upgrade with iPhone 4,” wrote Doug Reid at Thomas Weisel Partners. And Macquarie analysts said they had hoped for a discussion of new products, such as one that would make a user’s iTunes music accessible over the Web. “In all, we see the iPhone 4 announcement meeting expectations and the lack of other announcements slightly disappointing,” they wrote.

But “while the announced features of the iPhone 4 were as expected, the reality is this phone is significantly more advanced than the next best alternative,” PiperJaffray analyst Gene Munster wrote. Other analysts called the phone “impressive,” “great” and “cool.”

Earlier international availability of the phone could drive faster adoption than with previous iPhones, analysts said. The new iPhone will be for sale in the U.S., U.K., France, Germany and Japan on June 24, and Apple plans to expand that list to 23 countries by July and 88 by September. Maynard Um at UBS wrote that this could mean existing estimates for iPhone sales could be low.

Analysts also pointed to the “FaceTime” video-chat feature as a potential driver of growth. FaceTime could result in “more upgrades than usual since the [feature] only works between iPhone 4 devices on Wi-Fi,” wrote Barclays analyst Ben Reitzes.

The network problems faced by AT&T, however, could prove to be problematic for Apple, some analysts wrote. “We expect U.S. sales growth … to lag prior launches as U.S. consumers increasingly focus on network quality,” said Mr. Reid of Thomas Weisel. Analysts continue to look for an iPhone that could work on the Verizon network in early 2011. AT&T’s early-upgrade policy, which allows existing customers to buy a subsidized iPhone 4 if they sign a new two-year AT&T contract, “is a calculated move to lock in customers with two-year contracts prior to losing exclusivity” and “likely foreshadows a Verizon iPhone” in the first quarter of next year, wrote Deutsche Bank analyst Chris Whitmore.